Westinghouse Air Brake Technologies (WAB) Q4 FY2025 earnings: revenue $3.0 billion, up 14.8% on the year

Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.8% on the same quarter a year earlier. Net income was $202 million, down 4.7% on the year, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$3.0 billion

+14.8% on the year · +2.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

12.0%

12.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$202 million

-4.7% on the year · -34.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.18

-4.8% on the year · -34.8% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Fourth-quarter sales rose 14.8%: Quarterly sales of $2,965 million rose 14.8%, with higher Freight sales including acquisitions and higher Transit sales as the drivers.
Adjusted EPS rose 25% in quarter: Fourth-quarter adjusted diluted EPS was $2.10, up 25.0%. GAAP diluted EPS was $1.18, down 4.1% from $1.23.
Freight sales rose 18.3%: Freight sales of $2,123 million rose 18.3%. Adjusted Freight operating margin was 22.1%, compared with 19.4% a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,965	2,886	2,583	+2.7%	+14.8%
Cost of revenue	1,999	1,884	1,786	+6.1%	+11.9%
Gross profit	966	1,002	797	-3.6%	+21.2%
Gross margin	32.6%	34.7%	30.9%
Research and development	68.0	59.0	51.0	+15.3%	+33.3%
Selling, general and administrative	461	375	333	+22.9%	+38.4%
Operating income	356	491	334	-27.5%	+6.6%
Operating margin	12.0%	17.0%	12.9%
Interest expense	68.0	65.0	53.0	+4.6%	+28.3%
Pre-tax income	291	425	284	-31.5%	+2.5%
Income tax	87.0	112	71.0	-22.3%	+22.5%
Effective tax rate	29.9%	26.4%	25.0%
Net income	202	310	212	-34.8%	-4.7%
Net margin	6.8%	10.7%	8.2%
Diluted EPS	$1.18	$1.81	$1.24	-34.8%	-4.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	992	367	723	+170.3%	+37.2%
Capital expenditure	122	55.0	84.0	+121.8%	+45.2%
Free cash flow	870	312	639	+178.8%	+36.2%
Free cash flow margin	29.3%	10.8%	24.7%
Cash from investing	-860	-1,789	-237
Cash from financing	124	453	-162	-72.6%
Depreciation and amortisation	136	128	128	+6.2%	+6.2%
Share-based compensation	22.0	24.0	22.0	-8.3%	0.0%
Buybacks	75.0	0.0	123		-39.0%
Dividends paid	43.0	43.0	34.0	0.0%	+26.5%
Dividend per share	n/a	$0.25	n/a
Diluted shares, weighted	171m	171m	175m	0.0%	-2.1%
Shares outstanding at period end	171m	171m	171m	-0.2%	-0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	11,142	11,048	10,091	+0.9%	+10.4%
Non-controlling interest	48.0	47.0	42.0	+2.1%	+14.3%
Debt	5,541	5,285	3,980	+4.8%	+39.2%
Other liabilities	5,338	5,147	4,589	+3.7%	+16.3%
Total liabilities and equity	22,069	21,527	18,702	+2.5%	+18.0%
Fixed assets	1,616	1,534	1,447	+5.3%	+11.7%
Goodwill	10,216	9,853	8,710	+3.7%	+17.3%
Intangible assets	3,838	3,546	2,934	+8.2%	+30.8%
Cash and equivalents	789	528	715	+49.4%	+10.3%
Receivables	1,410	1,662	1,152	-15.2%	+22.4%
Inventory	2,745	2,747	2,314	-0.1%	+18.6%
Other assets	1,455	1,657	1,430	-12.2%	+1.7%
Total assets	22,069	21,527	18,702	+2.5%	+18.0%

Questions

What was Westinghouse Air Brake Technologies' revenue in Q4 FY2025?

Westinghouse Air Brake Technologies (WAB) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.8% on the same quarter a year earlier.

How much did Westinghouse Air Brake Technologies earn in Q4 FY2025?

Net income for Q4 FY2025 was $202 million, down 4.7% on the year, and diluted earnings per share $1.18.

When did Westinghouse Air Brake Technologies report Q4 FY2025 results?

Westinghouse Air Brake Technologies filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,073	1,927	2,048	2,081	2,306	2,194	2,407	2,550	2,526	2,497	2,644	2,663	2,583	2,610	2,706	2,886	2,965	2,950	3,179	3,120
Cost of revenue	1,420	1,332	1,403	1,433	1,654	1,529	1,684	1,758	1,762	1,682	1,770	1,783	1,786	1,710	1,768	1,884	1,999	1,889	2,018	1,956
Gross profit	652	595	645	648	652	665	723	792	764	815	874	880	797	900	938	1,002	966	1,061	1,161	1,164
Gross margin	31%	31%	31%	31%	28%	30%	30%	31%	30%	33%	33%	33%	31%	34%	35%	35%	33%	36%	37%	37%
R&D	52.0	45.0	50.0	54.0	60.0	51.0	53.0	53.0	61.0	48.0	57.0	50.0	51.0	46.0	50.0	59.0	68.0	56.0	70.0	67.0
SG&A	264	238	259	260	272	263	285	295	296	281	316	318	333	307	347	375	461	401	400	383
Operating income	264	239	264	261	247	276	312	370	308	412	430	433	334	474	472	491	356	517	600	625
Operating margin	13%	12%	13%	13%	11%	13%	13%	15%	12%	16%	16%	16%	13%	18%	17%	17%	12%	18%	19%	20%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	47.0	49.0	52.0	53.0	46.0	46.0	65.0	68.0	71.0	80.0	80.0
Pre-tax income	235	200	227	217	210	233	259	320	280	363	385	378	284	426	450	425	291	469	518	557
Tax rate	18%	25%	26%	25%	24%	26%	25%	24%	22%	24%	24%	24%	25%	23%	25%	26%	30%	23%	24%	26%
Net income	190	149	166	160	158	169	191	240	215	272	289	283	212	322	336	310	202	362	395	409
Net margin	9%	8%	8%	8%	7%	8%	8%	9%	9%	11%	11%	11%	8%	12%	12%	11%	7%	12%	12%	13%
Diluted EPS	$1.02	$0.80	$0.91	$0.88	$0.87	$0.93	$1.06	$1.33	$1.21	$1.53	$1.64	$1.63	$1.24	$1.88	$1.96	$1.81	$1.18	$2.12	$2.33	$2.42
Operating cash flow	314	161	263	204	410	-25.0	115	425	686	334	235	542	723	191	209	367	992	199	441	455
Capital expenditure	51.5	20.0	30.0	32.0	67.0	32.0	38.0	39.0	77.0	31.0	46.0	46.0	84.0	44.0	39.0	55.0	122	46.0	62.0	74.0
Free cash flow	262	141	233	172	343	-57.0	77.0	386	609	303	189	496	639	147	170	312	870	153	379	381
Buybacks	99.7	296	103	1.0	73.0	178	74.0	0.0	157	175	200	599	123	98.0	50.0	0.0	75.0	242	215	305
Dividends paid	23.1	28.0	27.0	28.0	28.0	31.0	31.0	30.0	31.0	36.0	35.0	35.0	34.0	43.0	44.0	43.0	43.0	53.0	53.0	52.0
Shares outstanding	186m	183m	182m	182m	181m	180m	179m	179m	178m	177m	176m	172m	171m	171m	171m	171m	171m	170m	169m	168m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.